August 2018

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The PHD Chamber of Commerce has said that India's economy could surpass the Reserve Bank of India's growth projection of 7.6 per cent for 2016-17.

It said India's GDP could touch nearly 8 per cent on the back of robust private consumption, which has benefited from lower energy prices and higher real incomes, PTI has reported.

“Going ahead, growth in India is projected to notch up to 8 per cent in 2016-17. Growth will continue to be driven by private consumption, which has benefited from lower energy prices and higher real incomes.

“Further, with the revival of sentiment and pick-up in industrial activity, a recovery of private investment is expected to strengthen growth in the coming times,” it said.

According to its estimate, India's share in world GDP has doubled from 1.43 per cent in 2000 to 2.86 per cent in 2015.
“India's GDP stood at $477 billion in 2000 and increased to $2,091 billion in the year 2015, showing more than four-fold increase over a period of 15 years,” PHD Chamber President Mahesh Gupta said.

The BRICS nations account for about 42 per cent of the world's population, a quarter of the world's land area and a combined GDP of above $16 trillion.

“The BRICS economies (Brazil, Russia, India, China and South Africa) also contributed a significant share in the world GDP which increased from 8.27 per cent in 2000 to 22.53 per cent in 2015,” Gupta said. (SH)